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Euro Focus on Short Term Resistance Line and Extension Near 14000

Euro Focus on Short Term Resistance Line and Extension Near 14000

2011-09-15 15:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Focus on Short Term Resistance Line and Extension Near 14000

Prepared by Jamie Saettele, CMT

The EURUSD rally off of the lows has extended to the point that we must seriously consider the possibility that a low is in place. Other USD patterns (the AUDUSD and USDOLLAR in particular) still favor USD strength (allowing for some weakness near term) so I am not confident in the above EURUSD proposition. I wish to wait for the week to end before commenting further but a close above 13650 this week (seems likely) would complete a weekly key reversal. The last 6 such reversals have indicated MAJOR tops and bottoms (watch video later for more on this).

Trend Strength (M,W,D) – 0, (3), (2)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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